Exam (elaborations)
REE 3433 Chapter 7 Quiz (1)
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REE 3433 Chapter 7 Quiz (1)
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REE 3433 Chapter 7 QuizUnder the "mailbox rule," the offer is accepted once the acceptance is mailed even
though the offeror has no knowledge of it. - ANS-True
The 1968 Fair Housing Act and its 1988 amendments prohibit discrimination based on
all the following reasons except: - ANS-Family Income
As a general rule, an agent must execute a purchase contract along with the seller and
purchaser. - ANS-False
If the seller cannot perform a real estate contract because title is not marketable, the
purchaser is entitled to a return of the earnest money. - ANS-True
On June 5, Will mailed Sidney an offer to buy his (Sidney's) lot for $35,000. On June 7,
Sidney mailed a counteroffer in which he offered the lot to Will in exchange for $35,000
and Will's 1988 Sports Coupe. Later, on June 7, Will mailed Sidney a revocation of his
(Will's) offer. Which of the following correctly describes the situation? (Select one,
assuming that all letters arrived in the same order in which they were sent.) - ANS-All of
the Above.
1. Sidney's letter to Will terminated Will's offer.
2. Will and Sidney do not have a contract.
3. Will may now accept Sidney's offer.
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